Finances 101: What is a voided check?
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Voided checks. The term might seem antiquated if you don’t write many checks. But they’re actually helpful tools for multiple reasons.
Understanding the voided check
A voided check is a paper check with the word "VOID" printed or written across it, which means it can't be filled out or used to make a payment.
But why would you need one? Voided checks are often used to provide banking information without risking a payment. For example, they're commonly used to set up direct deposits or automatic payments.
How to void a check
Voiding a check is super easy. All you need to do is write "VOID" in big letters across the front of the check. Just make sure you don't cover your banking details.
The importance of voided checks
Voided checks can serve as a secure method to share your bank account details, eliminating the potential risk of unauthorized transactions. By providing a voided check, you ensure that your banking information is accurate, reducing the chances of miscommunication or errors. You might need a voided check to sign up for direct deposit, direct payments, or loan payments for your car, mortgage, or other personal loan.
Voided checks are also safety measures if you make a mistake when writing a check. Let’s say you wrote it out to the wrong person or in the wrong amount. Before you write a new check, void the old one. This helps ensure nobody else can cash or deposit it for themselves.
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When not to use a voided check
Although voided checks are a practical way of sharing banking information, don’t use them indiscriminately. Keep in mind that a voided check contains sensitive information, including your bank account number and the bank's routing number. You should only provide a voided check to trustworthy institutions or individuals to prevent misuse.
Keeping records of voided checks
It’s a good idea to maintain a record of voided checks so you can account for any discrepancies in your checking account. Note the check number and why it was voided. Then, either file it away or put it through a shredder.
FAQs about voided checks
Q: What is a voided check?
A: A voided check is a check with the word "VOID" written or printed across it, making it unusable for making payments. It's typically used to provide banking information.
Q: How do I create a voided check?
A: To create a voided check, use a blue or black ink pen and write "VOID" in big letters across the front of the check, making sure not to cover your banking details.
Q: What if I don’t have any checks?
A: If you need to provide a voided check but you don’t have a blank check to void, check with your bank. Some banks can issue a voided check or starter check for you, oftentimes online.
Q: Can I void a check that has already been written out?
A: Yes, if you've made a mistake on a check, you can void it by simply writing 'VOID' across it in blue or black pen.
Q: Can I still void a check if I've already signed it?
A: Yes, a signed check can be voided in the same way. Just write “VOID” across it.
Q: What if I don't have any checks left?
A: If you don't have any checks left, you can ask your bank for a “counter check,” which you can then void.
Q: Can someone still cash a voided check?
A: No, once a check has been voided, it cannot be used to make a payment or be cashed.
Q: Can I use a photocopy of a voided check?
A: In most cases, a photocopy of a voided check is acceptable as it still provides the necessary banking information. But always confirm with the requesting party.
Q: Can I void a check using a pen of any color?
A: It is advisable to use a dark-colored pen, such as black or blue, to mark the check clearly as voided.
Q: What should I do with a voided check?
A: You should keep it until you know the transaction or setup it was used for has been completed. Then, it should be properly destroyed or filed.
Q: What information does a voided check contain?
A: A voided check contains your bank's routing number and your account number.
Q: Is it safe to send a photo of a voided check?
A: If the voided check is being used to set up direct deposit or automatic payments, it can be safe to send a picture. However, always ensure you trust the recipient.
Q: Can I void a check online?
A: Physical checks must be voided. However, some banks offer “electronic check” or eCheck services.
Q: Can I use a voided check to verify my account?
A: Many companies will ask for a voided check to set up direct deposit because it provides all the necessary banking information.
Q: Can I reuse a voided check?
A: No, once a check is voided, it can't be used again.
Voided checks play a valuable role in safely providing banking information. They eliminate the risk of unauthorized transactions and reduce potential miscommunication errors. Though they contain sensitive data, their selective use with trusted institutions fosters security. Remember to always maintain a record of your voided checks and destroy the check itself properly.
For more smart money tips, visit the Greenlight's Learning Center to help you manage your finances effectively.
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